Reaching age 62 with $600,000 in super puts you ahead of many Australians — but is it enough to retire comfortably and confidently?
The answer depends on your lifestyle, spending habits, investment strategy, and whether you qualify for Age Pension in the future. Let’s break it down.
Is $600K Enough to Retire at 62 in Australia?
For many Australians, $600,000 in super can provide a solid retirement foundation, especially if:
- You own your home
- You live a modest or moderate lifestyle
- You have limited debts
- You qualify for Age Pension starting at age 67
It’s not about how much you retire with — it’s about how you draw it down, how long it lasts, and how you plan around it.
How Long Will $600K Last in Retirement?
Here’s an estimate of how long $600,000 might last from age 62 onward based on different spending habits:
| Annual Spending | Estimated Longevity |
|---|---|
| $30,000/year | ~29–31 years |
| $40,000/year | ~22–24 years |
| $50,000/year | ~18–20 years |
📌 Based on a 2.44% inflation-adjusted return and structured annual drawdown.
Graphic:
This Line Chart Showing depletion of $600K from age 62 to ~90 under three spending levels: $30K, $40K, and $50K.
How Far Does $30K a Year Really Go?
Here’s a typical budget breakdown for a single retiree living on $30,000 annually:
| Category | % of Budget |
|---|---|
| Housing & Utilities | 22% |
| Food & Groceries | 18% |
| Healthcare | 15% |
| Transportation | 13% |
| Leisure & Travel | 10% |
| Personal & Clothing | 8% |
| Communication & Bills | 7% |
| Miscellaneous/Buffer | 7% |
A $30K/year lifestyle is modest, but with smart planning and home ownership, it’s achievable and sustainable.
Age Pension Eligibility Boosts Your Retirement Power
At age 67, you may be eligible for the Age Pension, which can supplement your super and reduce the pressure on your savings.
- Singles: up to ~$28,500/year
- Couples: up to ~$43,700/year
This means your super doesn’t need to do all the heavy lifting forever — and smart structuring helps maximise your eligibility.
Common Mistakes That Drain Super Early
- Withdrawing too much, too soon
- Ignoring inflation and rising costs
- Poor investment or too much cash exposure
- Not planning for long-term healthcare or aged care
- Missing out on Centrelink support
How Wealthlab Can Help You Retire Smart with $600K
At Wealthlab, we don’t just crunch numbers — we help you build a retirement lifestyle that fits your values, goals, and needs.
Here’s how we help:
✅ Model your cash flow through every stage of retirement
✅ Create the right withdrawal strategy to stretch your super
✅ Reduce your tax exposure and boost Centrelink eligibility
✅ Adjust for inflation, emergencies, and long-term needs
✅ Align your super with the life you actually want to live
👉 Book a free strategy session and find out how we can help you make your $600K go further and last longer.